On the 19th of January 2018, I made my first deposit of €100,00 on Mintos. That would be my first Mintos deposit. I used that money to buy exclusively Mogo loans because they were offering 5% cashback for investments over 60 months until February 16, 2018, so I went for it. I bought 10 different loans ranging from 65 to 72 months via the Auto Invest feature. MOGO was also offering 4% cash back for loans over 48 months but I opted for the higher cashback bonus.
The 5€ were credited to my account within 6 days as promised and used that to buy smaller parts of loans with a discount from the Secondary market. As the borrowers were making payments on the loans that I purchased I was using the available funds that were paid back to purchase loans with a discount from the Secondary Market. It didn’t matter to me that these loan parts were very small, I felt better in purchasing a small loan like €0.10 with 2% discount and ~12% interest than leaving that available balance doing nothing in my account.
Also, Lendo initiated a cashback campaign with an immediate 1.5% return that is good until February 18, 2018, on loan purchases with a loan duration that exceeds 9 months. I plan on using that promotional offer next month with my next deposit.
So for January I deposited €100,00 (19/02/2018) and my current available balance is €105.24 and the specifics are broken down in the following picture -€100 deposit plus the €5 cashback from the Mogo 60+ month campaign. My current return as shows on Account Overview is 15.5%. Obviously, I don’t expect this high return to last for a long period of time but I will be satisfied if I can maintain an average return over 12%.
This is my beginning toward financial independence. It will be a long road but a rewarding one for sure.
On the following screenshot of my monthly account statement, you will be able to see all the details.
So, for the month of January 2018, I deposited €100,00 and the total return for cashback, interest, late fees, and secondary market transactions was €5.25.
Until Next Time,